Ratio breakdowns have a lot of relevance. In the past, such breakdowns in Metals-to-Nifty ratio in 2014, Pharma-to-Nifty ratio in 2016, Auto-to-Nifty ratio in 2014 and now the IT-to-Nifty ratio -- all of them have transformed into medium-term trends. Elara Capital looks at more such breakdowns to tell you where to go and where no to.